Which of the following does not characterize a perfectly competitive firm that has shut down in the short run?
a. total revenue equals zero
b. variable costs equal zero
c. the firm suffers a loss
d. fixed cost is positive
e. fixed cost is zero
E
Economics
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According to the CPI basket, the largest item in the households' budgets is
A) apparel. B) education. C) food. D) transportation. E) housing.
Economics
Refer to the above figure. Production at Point F
A) is not attainable given the underlying assumptions of the production possibilities curve (PPC). B) would not be desirable. C) can only be attained by giving up Point E. D) can be attained only if a society desired more goods and services.
Economics